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World Bank urged Africans to embrace digital transformation

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World Bank Chief Economist for Africa, Albert Zeufack has indicated that African countries must embrace digital transformation to reduce poverty and enhance growth in the continent.
Speaking at the World Bank media Briefing on Africa Economy update in Accra, Mr Zeufack reiterated that digital transformation can increase growth by nearly two percent per year and reduce poverty by nearly one percent in Sub-Saharan Africa.
He added that digital transformation has the potential of creating more jobs ,encourage entrepreneurship among youth, increase farmers’ productivity.bring more woman into the labor force and create markets.
“Reaching the Digital Economy moonshot initiative targets would raise growth per capita by 1.5 percentage point per year and reduce the poverty headcount by 0.7 percentage point per year.The potential growth benefits and poverty reduction effects are larger in sub-Saharan Africa,and especially among fragile countries.
When complemented with appropriate human capital investments, these effects could more than double.”
Mr. Zeufack added that most of the world’s fragile countries are in Africa and fragility is holding growth in the region by zero point fifty two percent yearly between 2015 and 2018.
Fragile countries are countries with weak policies and institutions whom are not functioning well enough to secure peace and stability to deliver basic services.
It can also include countries with climate problems and community clashes.
Story by: Maryam Hassan
 
 

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